According to SEC records dated November 20th, BlackRock provided a detailed presentation on how the company could use either an in-kind or cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials reacted to the two proposed models or if they intend to approve a Bitcoin ETF spot after multiple delays and rejections.
Many reports suggest that the SEC may be close to making a decision on listing a Bitcoin ETF spot on the U.S. market. If approved, this would be one of the most significant positive developments for mainstream cryptocurrency adoption. SEC officials also met with representatives from Grayscale on November 20th in the company’s effort to list its Bitcoin ETF.
BlackRock is one of many companies with spot ETF applications in the SEC’s system awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise. The asset management company first applied for the listing of a BTC ETF spot in June on the Nasdaq stock exchange.